Broker Report - DJ Carmichael 68c, page-8

Hi Happy Dice.

I agree that the end result is not 6.25%.

The base interest rate is 6.25%. And to be fair they do explain the note payment options and the fact that payment metrics need to be monitored going forward.

You have used the two effective cost examples from the webinar. 9% and 11.5% IF payed monthly till maturity. (30 payments, Cash or shares)

To be honest there are several possibilities that could result in the net interest cost used in this report, being both higher or lower.

In my model I have it as $500k either side p.a depending on the various outcomes of both facilities. In saying that the difference would do very little either way to their target price.

To cover all scenarios for both facilities in a single research report that's end result is to give a Buy, hold or sell rating is a big ask.

In my opinion it's not misleading. It's simply that the base rate is 6.25% and they recommend a BUY to their following investors and explain why in what I think is enough detail....